BOB Education Loan

Overview : Bank of Baroda Education Loan Online

Established in 1908, Bank of Baroda provides various international and domestic banking services to retail and corporate customers. Education loan from Bank of Baroda (BOB) has been financing the dreams of thousands of students looking to study both in India and abroad for many years now.

Benefits & Other Features

Covers both tuition and living expenses, including off campus living expenses.

No pre-payment penalty.

Tax benefit u/s 80(E).

No need to pay interest during the course tenure.

Pre-visa disbursal as per the norms of visa offices.

No need to pay interest during the course tenure

Documents Required for Education Loan

GyanDhan provides a customized documents list for Bank of Baroda Education loans, which depends on your profile, your co-applicant’s profile, and the property/asset which you offer as collateral. At a high level, the following documents are needed. However, we will customize this list for your profile to ensure that you submit all the necessary documents in one go.

If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.

Legal documents of the collateral/ Property documents

Income Proof for Salaried Co-Applicant/Guarantor

Salary slips of last 3 months.

Copy of Form 16 for last 2 years.

Bank account statement for the last 6 months (of Salary Account).

Income Proof for Self-employed Co-Applicant/ Guarantor

Business address proof (If applicable).

Last 2 years IT returns.

TDS Certificate (Form 16A, if applicable).

Certificate of qualification (for C.A./ Doctor and other professionals).

Bank Account statement for the last six months.

Benefits

Getting your Bank of Baroda Education Loan through GyanDhan

Low Turnaround Time

We coordinate with various departments within Bank of Baroda to secure a loan approval in a matter of just 15 days. This is why 1000s of students trust us with their loan requests every year.

Doorstep Service

For Bank of Baroda Education Loans, we provide doorstep pickup of documents in Delhi, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai. No need to visit the branch! Bank of Baroda has exclusively partnered with us for the doorstep document pickup facility.

No Cost to You

GyanDhan’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.

Higher Chances of Approval

In case of any missing documents, property issues or other problems, we approach Bank of Baroda officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval.

How to Apply

Apply Online & Upload Documents

Processing & Approval

Free Doorstep Document Collection

Loan Sanction & Disbursal

Bottlenecks in an BOB Education Loan

Below, we describe typical bottlenecks that you should watch out for, along with ways in which we work around such bottlenecks to fast-track your education loan application.

Procedural Delay

Generally, you apply to a particular branch of Bank of Baroda. Interestingly, most branches do not take a decision on your education loan application. The branch merely collates all documents and a few days later, transfers your applications to a specialised back-end office, called Specialized Mortgage Store (SMS), which actually evaluates the loan application. Those who apply via GyanDhan get to skip the branch stage, thus saving them several days. We directly transfer your application to the relevant SMS electronically.

Legal Issues with the Property

For the loan to be sanctioned, the property of the applicant and its supporting legal papers are verified by Bank of Baroda empanelled advocates. However, The Turnaround Time (TAT) of the bank and the advocates is high, that is, the officials involved tend to delay the verification process when they come across discrepancies in the property or related documents. Here is where GyanDhan comes to your rescue as we along with the bank look for alternative solutions when such a problem arises. With a proven record of helping thousands of students out of such situations, GyanDhan prevents property/document related issues from coming in your way to availing an education loan.

Technical Issues of the Property

The evaluation process of the applicant’s property, undertaken by Civil Engineers, empanelled by BoB, is an extremely lengthy and time-consuming process. Civil engineers first visit the property, and then measure it, check its location and age, calculate its Distress Sale Price, Fair Price, Market Price. The Turnaround Time (TAT) of the Civil Engineer therefore can be quite high and unpredictable. But with our systematic follow-up, we get this step completed in three working days.

Issues in pre-visa disbursal

In addition to the aforementioned solutions, GyanDhan also ensures pre-visa disbursal of loan, that is, we see to it that the bank disburses the loan to the applicant even before he/she is issued his/her visa.

Case Studies

Removing Obstacles to Secure your Education Loan

When the co-applicant didn’t file the ITR (Income tax Return)

When the student first visited the bank, the branch manager clearly told the applicant that he was not eligible to avail an education loan, since his father, who is a farmer, had never filed an ITR. But when contacted GyanDhan, he got a loan of Rs.40 Lakhs sanctioned from the same branch for MS in the US. Later, when he took a transfer to another university, his loan was cancelled. The bank manager informed that he had to come back to India and submit a fresh application.

But again GyanDhan helped him by contacting the senior level officers of the bank with regards to this issue, and his loan was approved without any further hassle. Not only did GyanDhan help him before the sanction of the loan, but also took charge of the problems he faced post-disbursal of the loan, thus, focusing on the post-sales services as well.

When there were multiple ownerships and two of them were of minors

A student had an offer for Masters from Dublin Business School, Ireland, and required an education loan with a collateral of Rs. 20 Lakhs. Her case was rejected on the ground that the property was in the name of her mother and five other siblings. And two of her siblings were minors at the time when the education loan was applied for. After facing rejections from various banks and other financial institutions, the student approached GyanDhan for a solution. Our on-ground team took the case forward to the concerned officers of Bank of Baroda and liaised with the legal experts. We arranged for an NOC (No Objection Certificate) from her siblings, and in addition to that, arranged various other documents and necessary affidavits for minors. We made a loan application see the light of its day which was outrightly rejected elsewhere. The time taken to get the loan sanctioned was nearly just one and a half months. By the time you read this story, around Rs.13 Lakhs of the total loan amount will have been disbursed.

When the property to be pledged as collateral was in a different place than the permanent address

The student received an admit from Purdue University, United States, to pursue a Masters course. However, there was an issue with the property pledged as collateral. The property was situated in Kerala, and the owner (father of the applicant) resided in Hosur, the satellite town of Bangalore. The student’s application was rejected on the ground that the collateral property was in a different place than the permanent address. After trying out a few other places but all in vain, the student got in touch with GyanDhan. The on-ground team from GyanDhan approached the local Bank of Baroda branch in Hosur, however, no remedy was found. After that, the corporate office stepped in and requested the Specialised Mortgage Store of Bangalore to intervene. SMS Bangalore then contacted the Hosur BOB branch and subsequently the SMS Kerala for the valuation details of the property. Within no time, the problem was resolved and the bank obliged to grant the education loan to the applicant.